National Central Cooling Co. (p.s.c.) (tabreed) · DFM:TABREED
National Central Cooling Co. (p.s.c.) (tabreed) — National Central Cooling Company (Tabreed) — Investor Presentation (September 2026)
50 slides from National Central Cooling Co. (p.s.c.) (tabreed)'s investor presentation, September 2026
Slide 1: National Central Cooling Company (DFM: Tabreed) Investor Presentation
National Central Cooling Company (DFM: Tabreed) Investor Presentation September 2026
Slide 2: Table of Contents
Table of Contents 1 Building Long-Term Value Through Capacity Expansion 3 2 Tabreed at a Glance 6 3 Investment Highlights 14 4 Financial Overview 21 5 Appendix 30 2|
Slide 3: Building Long-Term Value Through Capacity Expansion
01 Building Long-Term Value Through Capacity Expansion
Slide 4: Expanding the Platform for Long-Term Value Creation
Expanding the Platform for Long-Term Value Creation Recent investments have expanded Tabreed's asset base and future cash flow potential, supporting long-term value creation Growth Investments Near-term Dynamics Strong Fundamentals Long-term Value Drivers • PAL Cooling Acquisition • Upfront Financin
Slide 5: Clear Visibility on Future Capacity Growth
Clear Visibility on Future Capacity Growth Secured concessions provide visibility on ~1.0m RT of future growth Strong Track Record Today Secured Growth Long-term Potential Connected Capacity (k RT) Existing Concessions ~380 k RT +6% CAGR 1,574 1.58 m RT ~2.6 m RT 1,303 1,325 Palm Jebel Ali ~250 k
Slide 6: Tabreed at a Glance
01 Tabreed at a Glance 6|
Slide 7: Tabreed at a Glance
Tabreed at a Glance A Global District Cooling Champion1 1.58 m RT 2.61 m RT 99 6 Connected Capacity Site Capacity Plants Countries ✓ Customer Centric B2B model: partner with governments and blue-chip corporates ✓ Mission critical infrastructure: reliable, tech-enabled, cost-effective >99.9% 0.84 kWh
Slide 8: Scaled Platform Across Six Countries with Strong Local Partnerships
Scaled Platform Across Six Countries with Strong Local Partnerships UAE Key Partners 1,327k RT Bahrain Abu Dhabi – 53* 37k RT Dubai – 22* Northern Emirates – 6* Manama – 1* Key Partners Egypt 6k RT East Cairo – 1* India 6k RT Gurugram – 1* Mohali – 1* Key Partners KSA 146k RT Dharan – 2* Makkah – 1*
Slide 9: Strategic Concessions Supporting Long-Term Growth (1/2)
Strategic Concessions Supporting Long-Term Growth (1/2) Long-term concessions provide access to some of the UAE's most important developments while creating opportunities for capacity growth Palm Jebel Ali Downtown Al Raha Al Maryah Island Dubai Dubai Abu Dhabi Abu Dhabi Connected - 193 k RT 81 k RT
Slide 10: Strategic Concessions Supporting Long-Term Growth (2/2)
Strategic Concessions Supporting Long-Term Growth (2/2) Masdar City Abu Yas Island Abu Saadiyat Island Abu Al Reem Island Dhabi Dhabi Dhabi Abu Dhabi Connected 14 k RT 85 k RT 56 k RT 37 k RT Capacity Site 108 k RT 104 k RT 88 k RT 55 k RT Capacity Major Masdar / Others Aldar / Miral Aldar / Others
Slide 11: The Basics of District Cooling - Smarter, Cleaner, Scalable
The Basics of District Cooling - Smarter, Cleaner, Scalable From legacy cooling infrastructure.. …to scalable, sustainable and cost-efficient district cooling solutions Pipe Distribution Building Delivery District Cooling Plant Thermal Storage Tank Network Window and Split Stores cooling energy duri
Slide 12: With and Without DC
With and Without DC Past Present Without District Cooling With District Cooling Roof Top Chillers Shangri-La Window A/C Rotana Hotel 12 |
Slide 13: Contract Structure Underpins Revenue Visibility and Cash Flow Stability
Contract Structure Underpins Revenue Visibility and Cash Flow Stability Contracted cooling load (RT) 25-year Capacity Charges FIXED typical cooling contract Cooling consumed (Roth) Consumption Charges VARIABLE (metered) Capacity Consumption • Capacity charges: • Reflect the cooling capacity reserved
Slide 14: Investment Highlights
02 Investment Highlights
Slide 15: Five Pillars Supporting Long-Term Shareholder Value
Five Pillars Supporting Long-Term Shareholder Value 1 District Cooling Market: large, growing with strong secular tailwinds 2 Cash Flow Generation: strong, resilient and underpinned by long-term contracts 3 Growth: proven growth engine with de-risked avenues for future growth 4 Operational Excellenc
Slide 16: District Cooling: Large and Underpenetrated Markets with Structural Growth Drivers
11 District Cooling: Large and Underpenetrated Markets with Structural Growth Drivers Illustrative Market Sizing and Potential Population Growth Dubai Abu Dhabi UAE Saudi Arabia Urbanization Current DC Market Size1 ~2.6 m RT ~1.1 m RT ~4.0 m RT ~2.0 m RT Current DC Penetration1 ~26% ~11% ~15% Single
Slide 17: Long-Term Contracts Drive Visibility and Cash Flow Resilience
22 Long-Term Contracts Drive Visibility and Cash Flow Resilience Attractive Contractual Framework High Cash Flow Visibility • Long term contracts, typically 25+ years Contracted Capacity Maturity Profile1 • Construct plants on guaranteed offtake contracts with take-or-pay 100% 99% ~20 Years 97% 95%
Slide 18: Multiple Low-Risk Pathways to Capacity Expansion
33 Multiple Low-Risk Pathways to Capacity Expansion Multiple growth avenues provide flexibility to expand capacity across market cycles Existing New Customer 1 Concessions 2 Connections 3 Greenfield Projects 4 Acquisitions Growth ~380 k RT Available capacity within Palm Jebel Ali (~250 k RT) and PAL
Slide 19: Operational Excellence & Innovation-Driven Model
44 Operational Excellence & Innovation-Driven Model Integrated Business Innovation-Driven Model Impact Energy Efficiency & Renewables 23 m kWh ✓ Variable Frequency Drive program reducing electricity consumption Energy savings expected over the next ✓ Nano-particles based additive enhancing plant eff
Slide 20: Sustainability Embedded Within the Growth Strategy
55 Sustainability Embedded Within the Growth Strategy Sustainable and energy efficient operations Net Zero commitment and decarbonization principles 2.65 bn kWh Energy consumption = Enough energy to power ~104,000 homes in Net Zero by 2050 saved in last 12 every year months Energy Efficiency & Optim
Slide 21: Financial Overview
03 a ii Financial Overview “EN ee | Fd Lititiini! | Titi
Slide 22: Consistent Growth Track Record
Consistent Growth Track Record 2020 2025 Capacity (000 RTs) 1,174 1,574 +6% CAGR • Solid growth track record: Added c. 85k RT of annual capacity in the past 5 years (incl. acquisitions), resulting in 1.70 2.62 +9% CAGR 6% CAGR in revenue Volumes (bn RTH) • Diversified growth levers: Growth is driven
Slide 23: H1 2026 Performance Reflects Resilient Fundamentals
H1 2026 Performance Reflects Resilient Fundamentals Continued Capacity Expansion Commentary Gross New Connections Connected Capacity1 Revenue 21.0 k RT of organic capacity delivered in the last 12 months; 190.8 k RT 211.9 k RT 1.58 m RT AED 1.13 bn inorganic capacity added from PAL Cooling acquisiti
Slide 24: Capacity Expansion Continues to Support Long-Term Revenue Growth
Capacity Expansion Continues to Support Long-Term Revenue Growth Robust Capacity Growth (k RT) Growth driven by mix of M&A and Organic Capacity (k RT) UAE Others (excl. Qatar) 6% CAGR 6% CAGR 215 1,574 1,574 126 59 1,303 1,325 1,174 1,174 1,210 1,264 250 176 196 218 226 175 1,323 999 1,034 1,069 1,0
Slide 25: Strong Cash Generation Supports Growth and Shareholder Returns
Strong Cash Generation Supports Growth and Shareholder Returns Visible and Predictable Operating Cash Flows (m AED) Free Cash Flow Remains Strong Ex-M&A Investment Years (m AED) Net Cash Flows from Operations Free Cash Flows 1,355 1,116 1,186 1,316 1,285 971 1,189 337 1,002 629 (328) (1,967) 2020 20
Slide 26: High Margins and Cash Flow Visibility Underpin Balance Sheet Strength
High Margins and Cash Flow Visibility Underpin Balance Sheet Strength Net Debt Aligned with Growth Investment Cycle (m AED) Demonstrated Deleveraging Capacity (Net Debt to EBITDA) 6,165 Acquisition of Acquisition of Acquisition of PAL 5,846 Downtown Dubai Saadiyat Abu Dhabi Cooling Abu Dhabi 5,378 5
Slide 27: Interim Dividend Demonstrates Prudent Capital Allocation
Interim Dividend Demonstrates Prudent Capital Allocation, Preserves Investment Grade Credit Profile Dividend Per Share (AED) 1 Cash Dividend % Net Opr. Cash Flows Cash Dividend % Normalized Net Profit ✓ Tabreed’s Board of Directors approved an interim cash dividend of 5.0 fils per share for the firs
Slide 28: Medium-Term Outlook Supported by Capacity Growth
Medium-Term Outlook Supported by Capacity Growth Historical Performance Revised Medium-term Guidance (2026 – 2028) 3.0% Annual Capacity Capacity Growth p.a.1 Organic Capex p.a. Growth 1.5% 2026: ~1% 200-300 2023-2025 H1 2026 AED m 52.8% 55.6% 2027-28: 3% - 5% 49.6% 51.5% 51.6% 50.6% EBITDA Margin EB
Slide 29: Investment Thesis Recap
Investment Thesis Recap Strong Large Market Secured Growth Value Accretive Contracted Cash Opportunity Pipeline Capital Allocation Flows 29 |
Slide 30: Appendix
Appendix
Slide 31: Vision and Mission
Vision and Mission Vision Mission To re-imagine the future of To lead through relentless innovation, sustainable cooling for the operational excellence, and enduring world, setting standards for partnerships, by leveraging our global sustainability and efficiency. expertise, we deliver sustainable c
Slide 32: Corporate Strategic Framework
Corporate Strategic Framework Tabreed aims to be the leader in sustainable cooling and associated services in the MENA region and beyond STRATEGIC PILLARS GROWTH EXCELLENCE GOVERNANCE PEOPLE INNOVATION Local & International Business Excellence Governance & Control People Focus R&D and Innovation Gro
Slide 33: Proven Shareholder Support
Proven Shareholder Support Strong and strategic shareholders benefitting our investment profile Shareholder composition1 Aa2 (M) / AA (SP) / AA (F) Baa1 (M) / BBB+(SP) / BBB+ (F) Retail 6.3% Other Track record of support and engagement over the years Institutions Mubadala 41.9% Mubadala injects AED
Slide 34: Strong and Diverse Board Brings Wealth of Expertise
Strong and Diverse Board Brings Wealth of Expertise Nine-member board brings wealth of expertise and strengthens Tabreed’s governance Dr. Bakheet is the Chief Executive Officer, Mubadala’s UAE Investments Paulo Almirante is Senior Executive Vice President, ENGIE. He is in charge platform of ENGIE’s
Slide 35: Experienced Senior Management
Experienced Senior Management Dr. Yousif Al Hammadi Adel Salem Al Wahedi Atef Al Breiki Nadia Bardawil Antonio Di Cecca Philippe Coquelle Chief Executive Officer Chief Financial Officer Chief Asset Management Officer Chief Legal Counsel Chief Operating Officer Chief Development Officer Appointed as
Slide 36: Connected Capacity and Volumes
Connected Capacity and Volumes Consolidated 2021 2022 2023 2024 FY 2025 H1 2026 UAE 1,025 1,060 1,053 1,066 1,099 1,102 Bahrain 33 34 37 37 37 37 Oman 33 52 53 55 56 56 India - - 1 4 6 6 Egypt - - 3 4.5 6 6 Total Consolidated 1,091 1,146 1,146 1,166 1,204 1,207 Equity Accounted UAE 9 9 33 33 224 225
Slide 37: Customer-centric B2B Model Built on Strong Partnerships with Blue-chip Players
Customer-centric B2B Model Built on Strong Partnerships with Blue-chip Players Overview of top 4 customers Chilled water capacity by customers1 UAF, 17% • Tabreed’s first customer in 1998 • Plants developed under a BOOT structure 207 k RT • Contract covers multiple facilities: Agreement renewed in 2
Slide 38: Strategic Transactions Expand the Asset Base and Long-Term Cash Flow Potential
Strategic Transactions Expand the Asset Base and Long-Term Cash Flow Potential Palm Jebel Ali Concession PAL Cooling Acquisition Cooling Dubai’s Next Iconic Strengthening leadership in Abu Destination Dhabi’s Cooling Market Strategic partnership with Dubai Holding Strategic partnership with CVC DIF,
Slide 39: Saudi Arabia – Strong Local Position
Saudi Arabia –Strong Local Position • Saudi Tabreed is a market leader in district cooling sector in Saudi Arabia 31% 30% 22% 17% • Saudi Tabreed currently manages ~750 k RT contracted capacity (incl. O&M Vision PIF Tabreed MENA contracts) with major clients in Saudi Arabia which include Saudi Aramc
Slide 40: P&L Summary – H1 2026
P&L Summary – H1 2026 H1 2026 H1 2025 YoY (%) Q2 2026 Q2 2025 YoY (%) H1 2026 Commentary Revenue 1,128 1.108 2% 642 642 0% ▪ Revenue increase driven by growth in fixed capacity Operating Costs (incl. D&A) (600) (577) 4% (356) (346) 3% charges (consolidated capacity up 1.7% YoY and CPI Indexation of
Slide 41: Operational Performance Drivers
Operational Performance Drivers Capacity Additions by Quarter (k RT) Capacity Additions by Country (k RT) +15.5% 210 1 1,578 196 0 3 1,578 1,366 1,366 11 Includes Includes 190.8 k 190.8 k RT from RT from PAL PAL H1 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 H1 2026 H1 2025 UAE Others H1 2026 Connected Cap
Slide 42: Revenue Highlights – H1 2026
Revenue Highlights – H1 2026 Revenue Performance Q2 2026 Revenue Movement (YoY) Chilled Water Value Chain Business 642 7 19 642 +2% (5) (22) 1,108 1,128 +0% 39 59 642 642 18 38 1,069 1,069 624 604 Q2 2025 Q2 2026 H1 2025 H1 2026 Q2 2025 Fixed Fin. Lease Variable Value Q2 2026 Revenue Amortization Re
Slide 43: Profitability Highlights – H1 2026
Profitability Highlights – H1 2026 Gross Profit EBITDA Gross Profit Margin EBITDA Margin 47.9% 46.8% 56.9% 54.6% 46.1% 44.6% 0% 54.3% 51.5% -2% 531 528 630 615 -4% -5% 296 286 348 330 Q2 2025 Q2 2026 H1 2025 H1 2026 Q2 2025 Q2 2026 H1 2025 H1 2026 Q2 2026 EBITDA Movement (YoY) H1 2026 EBITDA Movemen
Slide 44: Profitability Highlights – H1 2026 (cont.)
Profitability Highlights – H1 2026 (cont.) Net Profit Normalized Net Profit1 Net Profit Margin Normalized Net Profit Margin 24.9% 17.0% 24.6% 17.2% 24.9% 17.7% -30% -29% 24.5% 17.8% 276 273 -29% -27% 192 194 160 158 114 114 Q2 2025 Q2 2026 H1 2025 H1 2026 Q2 2025 Q2 2026 H1 2025 H1 2026 Q2 2026 Net
Slide 45: Balance Sheet Highlights
Balance Sheet Highlights Balance Sheet Summary Debt and Leverage Ratio H1 2026 FY 2025 YTD % H1 2026 FY 2025 YTD (%) Fixed Assets (incl. Finance Lease Receivables) 7,560 7,643 (1)% Gross Debt 6,229 6,322 (1)% Intangibles 3,841 3,879 (1)% Investment in Associates & JVs 1,769 1,724 3% Finance Lease Li
Slide 46: Balanced use of Cash Flows for Growth, Deleveraging and Shareholder Returns
Balanced use of Cash Flows for Growth, Deleveraging and Shareholder Returns Sources and Uses of Cash Free Cash Flows of AED 467 m 616 15 6 10 10 (127) (43) (143) (130) 655 661 (185) (24) Cash Flows Capex - net Dividends Interest Debt Dividend to from Operations JVs/Associates Received incl lease lia
Slide 47: Sustainability Framework
Sustainability Framework Tabreed’s ESG framework is built on three core pillars ESG PILLARS ENVIRONMENT STEWARDSHIP SOCIAL RESPONSIBILITY GOVERNANCE EXCELLENCE Decarbonisation Health & Safety Transparency Pursuing a roadmap to achieve net Protect people, contractors & Maintaining accountability and
Slide 48: Tabreed's Green Financing Framework
Tabreed’s Green Financing Framework Tabreed updated its Green Financing Framework in February 2025 (previously established in March 2022) aligning it to the updated ESG strategy and the latest ICMA and LMA Green Bond and Loan Principles for a best-in-class Framework that follows latest market practi
Slide 49: Disclaimer
Disclaimer • These materials have been prepared by and are the sole responsibility of the National Central Cooling Company • These materials contain information regarding the past performance of the Company and its subsidiaries. Such PJSC, ‘Tabreed’ (the “Company”). These materials have been prepare
Slide 50: Contact Us
Contact Us Tabreed Investor Relations Salik Malik Yugesh Suneja Email: ir@tabreed.ae Senior Vice President, Finance Head of Investor Relations For more information, please visit Tel: +971 2 202 0397 Tel: +971 2 202 0479 www.tabreed.ae/investor-relations Email: smalik@tabreed.ae Email: ysuneja@tabree
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